Inflation in Yellowknife tapered between November 2022 and November 2023, according to new information released by Statistics Canada.
The All-Items Consumer Price Index measures inflation by tracking the prices of a set basket of goods and services over time. This past November, those goods and services were 1.4 per cent more expensive in Yellowknife than they were in November 2022, but that marks the lowest year-over-year change in the NWT capital since June 2021, and a sharp drop from June 2022, when the rate peaked at 8.3 per cent.
For context, prices increased 2.2 per cent in Edmonton, three per cent in Whitehorse and 1.8 per cent in Iqaluit in the last year, while the whole of Canada experienced a 3.1 per cent increase.
Food remained stubbornly high at 7.6 per cent higher year over year in Yellowknife. Shelter came in at 4.3 per cent higher. Public transportation was among the biggest decliners at -13.3 per cent compared to a year earlier. Gasoline was down by 3.1 per cent.
Correction: A previous version of this story gave the wrong impression about the growth of inflation.